Cash restitution postponed for December 2018 - Government proposes changes to the Law on taken property return and indemnification

The Government of Serbia suggested that cash indemnification for owners whose property was taken, to be postponed from January 1 to December 2018.

Changes to the Law on return of taken property and indemnification which is on the agenda of the Assembly of Serbia which has started today, imply that deadline for emission of bonds based on changes of regulations, is extended until December 15, 2017 and the payment start should be until December 15, 2018.

Payment of bonds for restitution, as suggested, would last 12 years instead of now planned 15.

A total of EUR 2 billion will be set aside for indemnification with interest rates of 2%, for all customers calculated as of December 15 2017 to deadlines when bonds are due, except from the owners older than 65.

It was defined that due date for bonds paid to people older than 65 will be 10 years and for the owners of taken property older than 70, bonds are due in five years.